Product Exports Up; Unexpected Crude Build/ Distillate Draw;Larger Gasoline Draw

Research evidence excerpt

Product Exports Up; Unexpected Crude Build/ Distillate Draw;Larger Gasoline Draw

USA | Energy EquityJulyResearch8, 2026

Exhibit 1 - Total Oil Products ExportsProduct Exports Up; Unexpected Crude Build/

Distillate Draw;Larger Gasoline Draw

Inventories drew overall this week, with combined crude oil, gasoline and

distillate stocks decreasing ~3.89mn bbl vs the BBG median estimate of a

~2.57mn bbl overall draw.

.

Total exports back up this week driven by products (Ex 1). Propane/Propylene Source: Bloomberg, EIA, Jefferies.

exports shoot up near highs (Ex 2). Oil + products stocks (incl SPR) down again Exhibit 2 - Propane/Propylene Exports

(Ex 3) as well as gasoline (Ex 4).

PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILED

SLIDES AND GRAPHICS OF THE RELEASED DATA

Crude oil inventories built ~3.00mn bbl vs the BBG median estimate of a ~1.90mn bbl draw.•

Gasoline inventories drew ~1.90mn bbl vs the BBG median estimate of a ~1.72mn bbl draw. .Source: Bloomberg, EIA, Jefferies.•

Distillate inventories drew ~4.98mn bbl vs the BBG median estimate of a ~1.05mn bbl build.•

Cushing crude stocks drew ~0.05mn bbl to ~19.61mn bbl, ~7% lower y/y. Exhibit 3 - Total Oil and Products Inventory• Including SPR

Refinery runs decreased ~174kpbd WoW to ~17.02mmbpd, largely flat y/y.•

Implied crude oil demand decreased ~0.57mmbpd WoW to ~19.06mmbpd, ~2% below year-•

ago 3-wk moving avg.

Implied gasoline demand decreased ~276kbpd WoW to ~9.87mmbpd, ~2% below year-ago•

3-wk moving avg.

Implied distillate demand increased ~1.04mmbpd WoW to ~5.99mmbpd, ~12% above year-•

Crude adjustment factor was (49) kbpd, a decrease of 453kbpd vs week-ago level of 404kbpd. .Source: Bloomberg, EIA, Jefferies.•

Weekly Change in Oil and Products Inventory Exhibit 4 - Gasoline Inventory

4,000 2,998

3,000